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1 0 . A stock is expected to pay a dividend of $ 1 . 0 0 at the end of the year ( i

10. A stock is expected to pay a dividend of $1.00 at the end of the year (i.e., D1= $1.00), and it should continue to grow at a constant rate of 4% a year. If its required return is 15%, what is the stock's expected price 5 years from today? Do not round intermediate calculations. Round your answer to the nearest cent.

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